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Dec. 22nd, 2006 04:25 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
timeletsThe merchants of Amsterdam at the end of the ixteenth century-a hundred years after the great flow f silver had started-were the recipients of a notably diverse collection of coins, extensively debased as to gold or silver content in various innovative ways. A manual for money changers issued by the Dutch parliatnent in 1606 listed 341 silver and 505 gold coinS.
Within the Dutch Republic no fewer than fourteen rUnts were then busy turning out money;
For each merchant to weigh the coin.. he received was a bother; the scales were also deeply and justifiably suspect.dam Smith told. 170 years later. of the solution: "In order to remedy [the aforemenhoned] inconveniences, a bank was established in 1609 l1I1~er_ the guarantee of the City. This bank received oth foreign coin, and the light worn [and other de>ased] coin of the country at its real intrinsic value in the good standard money of the country, deducting lly so much as was necessary for defraying the eJl!" lease of coinage, and the other necessary expense 01 lanagement. For the value which remained, after thi! imall deduction was made, it gave a credit on its books."12 Thus appeared, to regulate and limit abuse of he currency, the first notable public bank.
p. 19-20
Within the Dutch Republic no fewer than fourteen rUnts were then busy turning out money;
For each merchant to weigh the coin.. he received was a bother; the scales were also deeply and justifiably suspect.dam Smith told. 170 years later. of the solution: "In order to remedy [the aforemenhoned] inconveniences, a bank was established in 1609 l1I1~er_ the guarantee of the City. This bank received oth foreign coin, and the light worn [and other de>ased] coin of the country at its real intrinsic value in the good standard money of the country, deducting lly so much as was necessary for defraying the eJl!" lease of coinage, and the other necessary expense 01 lanagement. For the value which remained, after thi! imall deduction was made, it gave a credit on its books."12 Thus appeared, to regulate and limit abuse of he currency, the first notable public bank.
p. 19-20
